'Just Take Money Away From Everybody': Bloomberg Analyst Predicts Bitcoin's Tough Times In Face of Economic Downturn
Portfolio Pulse from Bibhu Pattnaik
Bloomberg's macro strategist, Mike McGlone, predicts that Bitcoin (BTC) will continue its downward trend in the face of an economic reset, despite projections of reaching a six-figure value. He views Bitcoin as a leading indicator for most risk assets and emphasizes that Bitcoin must display distinct resilience, similar to treasury bonds and gold during deflation. At the time of writing, Bitcoin was trading at $26,026.94, down by 2 percent in the last seven days.
August 27, 2023 | 2:09 pm
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Bitcoin is predicted to continue its downward trend despite projections of reaching a six-figure value. It is viewed as a leading indicator for most risk assets and must display resilience similar to treasury bonds and gold during deflation.
The prediction of Bitcoin's continued downward trend by a Bloomberg analyst, despite projections of reaching a six-figure value, is likely to impact its short-term price. The analyst's view of Bitcoin as a leading indicator for most risk assets and the need for it to display resilience similar to treasury bonds and gold during deflation also adds to the potential impact on its price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100